The dentists also filed a lawsuit against their advisors in the meantime. According to several reports in 2025, the fund made investments in private capital such as start-ups and real estate projects (including unsecured loans) amounting to around 50% of their assets. This deviates sharply form usual investment-grade guidelines imho (I used to work in this industry and think I understand this a bit). According to VZB’s website (and the article) the fund’s investment committee is composed exclusively of practicing dentists rather than asset management professionals. This is not a good idea imho.

Half of the companies they invested in went bankrupt?

This sounds criminal

Good job overweight middle manager that could have just been an index fund. They love them fee structures.

Dentists in Germany can’t handle money. Some years ago the Bavarian dental association had to raise their membership fees because the construction of their new headquaters got too expensive.

Thing is, dentist have to pay into that pension fund. It is required of them. So I can understand that they want to be rescued.
I’d love the executives and managers of the fund face the losses first before the dentist have their money taken away from them. Yes they make bank most of the time but since this is mandatory they should get some security for their spending. Or it could be the perfect opportuinty to get the dentist into the main pension fund for everyone else.